LCC Projects IPO: Price Band, Lot Size, Financials & Review
LCC Projects IPO listed on BSE & NSE on Thu, 17 Sep 2026. The issue was subscribed 49.57x overall.
- Open Date
- 9 Sep 2026
- Close Date
- 11 Sep 2026
Last updated
- Price band
- ₹139 – ₹146
- Lot size
- 102 shares
- Min. investment
- ₹14,892
- Issue size
- ₹427.14 Cr
- Last GMP
- +₹36
- Subscribed
- 🔥 49.57x
LCC Projects IPO details
LCC Projects IPO is a ₹427.14 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹258 Cr (60.40%) with an offer for sale of ₹169.14 Cr (39.60%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 9 Sep 2026 to Fri, 11 Sep 2026. Allotment was finalised on Tue, 15 Sep 2026, and the shares listed on BSE & NSE on Thu, 17 Sep 2026.
The price band is ₹139 to ₹146 per share and the lot size is 102 shares, so the minimum retail application is ₹14,892. Retail investors can apply for up to 13 lots (1,326 shares, ₹1,93,596).
KFin Technologies Limited is the registrar, and Motilal Oswal Investment Advisors Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last LCC Projects IPO GMP before listing was +₹36 (+24.66% against the upper price band of ₹146), implying an estimated listing price of ₹182. Across 10 days of tracking, GMP ranged from +₹25.5 (07 Sep) to +₹78 (11 Sep).
| Last GMP | +₹36 |
|---|---|
| GMP vs upper band | +24.66% |
| Estimated listing price | ₹182 |
| Highest (11 Sep) | +₹78 |
| Lowest (07 Sep) | +₹25.5 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the LCC Projects IPO day-wise GMP.
Subscription
Day-wise subscription →LCC Projects IPO was subscribed 49.57x overall: QIB 78.73x, NII 64.91x and retail 26.34x.
| Category | Subscribed |
|---|---|
| QIB | 78.73x |
| NII | 64.91x |
| └ bNII (above ₹10 lakh) | 61.53x |
| └ sNII (₹2–10 lakh) | 71.66x |
| Retail | 26.34x |
| Total | 49.57x |
Final figures at the close of bidding on 11 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the LCC Projects IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 87,76,869 | 30.00% |
| Qualified Institutions | 58,51,247 | 20.00% |
| Non-Institutional | 43,88,435 | 15.00% |
| └ BNII | 29,25,623 | 10.00% |
| └ SNII | 14,62,812 | 5.00% |
| Retail Investors | 1,02,39,681 | 35.00% |
| Total | 2,92,56,232 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
LCC Projects IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 13 | 1,326 | ₹1,93,596 |
| S-HNI (Min) | 14 | 1,428 | ₹2,08,488 |
| S-HNI (Max) | 67 | 6,834 | ₹9,97,764 |
| B-HNI (Min) | 68 | 6,936 | ₹10,12,656 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹258 Cr (60.40%) with an offer for sale of ₹169.14 Cr (39.60%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹146, the issue is priced at 13.87x pre-issue earnings and 14.76x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 19.14x (1 company).
Promoter holding falls from 100.00% before the issue to 89.90% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹10.53 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 13.87x |
| EPS (post-issue) EPS on the enlarged share capital | ₹9.89 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 14.76x |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 89.90% |
LCC Projects Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹2,941.01 Cr to ₹3,639.45 Cr, and profit after tax rose from ₹223.63 Cr to ₹286.44 Cr. The PAT margin for 31 Mar 2026 was 7.87%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,447.54 | 1,727.46 | 1,129.99 |
| Total Income | 3,639.45 | 2,941.01 | 2,449.79 |
| Profit After Tax | 286.44 | 223.63 | 122.00 |
| EBITDA | 519.90 | 401.04 | 241.37 |
| Net Worth | 888.41 | 604.99 | 382.83 |
| Reserve & Surplus | 752.41 | 468.99 | 348.83 |
| Total Borrowings | 860.65 | 649.55 | 422.30 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 32.24 | 36.96 | 31.87 |
| ROCE % | 27.13 | 27.64 | 27.63 |
| Debt / Equity | 0.97 | 1.23 | 1.10 |
| RoNW % | 32.24 | 36.96 | 31.87 |
| Pat Margin % | 7.96 | 7.66 | 5.00 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| LCC Projects Limited | 5 | — | 10.42 | 10.42 | 0.00% | 32.66 |
| Vishnu Prakash R Punglia Ltd | 10 | — | -12.04 | -12.04 | 0.00% | 50.54 |
| Enviro Infra Engineers Ltd | 10 | 19.14 | 10.42 | 10.41 | 15.28% | 70.23 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Purchase of equipment |
| 2 | Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company |
| 3 | General corporate purposes |
About LCC Projects Limited
Incorporated in 2017, LCC Projects Limited is a Gujarat-based multidisciplinary Engineering, Procurement and Construction (EPC) company primarily engaged in irrigation and water supply infrastructure projects. The company undertakes complex projects covering the construction of dams, barrages, weirs, hydraulic structures, canals, lift irrigation systems, underground pipeline networks, pipe distribution systems, and multi-village water supply schemes.
As of March 31, 2026, LCC Projects had an order book of ₹7,953 crore comprising 103 projects, with irrigation and water supply projects accounting for 83.26% of the total order book. Its key projects include the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme. The company has also executed projects such as the Tawa Left Bank Canal, Parbati Dam Project, Dudhai Sub-Branch Canal Project, and AKOT Lift Irrigation Scheme.
The company has expanded its geographical presence from eight states to 12 states, including Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh, and Haryana. As of March 2026, it had completed 80 projects and maintained a workforce of 2,093 permanent employees.
Irrigation and water supply is LCC Projects’ core business, contributing 87.44% of FY26 revenue, while EPC activities accounted for 99.84% of operating revenue. Government departments contributed 79.07% of the company’s order book, providing substantial exposure to public infrastructure spending.
The company’s capabilities are supported by in-house design and engineering expertise, a team of 698 engineers and technical personnel, specialized construction equipment, and technology-enabled project execution. These capabilities enable LCC Projects to undertake large-scale and technically complex infrastructure projects across multiple regions in India.
Promoters
- Arjan Suja Rabari
- Laljibhai Arjanbhai Ahir
- Maya Arjan Rabari
Contact details
LCC Projects Ltd.
‘B’ Wing,15th Floor, Privilon Building,
Vikram Nagar AmbliBopal Road,
Behind ISKCON Temple,
Ahmedabad, Gujarat, 380058
Phone: +91 79 4848 4453
Email: cs@lccprojects.com
Website: https://www.lccprojects.com/
LCC Projects IPO FAQs
- What is the LCC Projects IPO price band?
- The LCC Projects IPO price band is ₹139 to ₹146 per share.
- What is the LCC Projects IPO lot size and minimum investment?
- The LCC Projects IPO lot size is 102 shares. The minimum retail investment is ₹14,892 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,326 shares), costing ₹1,93,596.
- When was LCC Projects IPO open for subscription?
- LCC Projects IPO was open for subscription from Wed, 9 Sep 2026 to Fri, 11 Sep 2026.
- What is the LCC Projects IPO subscription status?
- LCC Projects IPO was subscribed 49.57x overall: QIB 78.73x, NII 64.91x and retail 26.34x. Day-wise and category-wise figures are on the subscription page.
- What was the LCC Projects IPO GMP before listing?
- The last LCC Projects IPO GMP before listing was +₹36 (+24.66% against the upper price band of ₹146), implying an estimated listing price of ₹182. Across 10 days of tracking, GMP ranged from +₹25.5 (07 Sep) to +₹78 (11 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the LCC Projects IPO allotment date?
- The LCC Projects IPO basis of allotment was finalised on Tue, 15 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the LCC Projects IPO listing date?
- LCC Projects IPO listed on BSE & NSE on Thu, 17 Sep 2026.
- Is the LCC Projects IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹258 Cr (60.40%) with an offer for sale of ₹169.14 Cr (39.60%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the LCC Projects IPO?
- The registrar for the LCC Projects IPO is KFin Technologies Limited, and the book running lead manager is Motilal Oswal Investment Advisors Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.